58-16-26. Payment of premium for group coverage of debtors.
The premium for a policy issued under §58-16-23 shall be paid by the policyholder, either from the creditor's funds, or from charges collected from the insured debtors, or from both. A policy on which part or all of the premium is to be derived from the collection from the insured debtors of identifiable charges not required of uninsured debtors shall not include, in the class or classes of debtors eligible for insurance, debtors under obligations outstanding at its date of issue without evidence of individual insurability unless at least seventy-five percent of the then eligible debtors elect to pay the required charges. A policy on which no part of the premium is to be derived from the collection of such identifiable charges must insure all eligible debtors, or all except any as to whom evidence of individual insurability is not satisfactory to the insurer.
Source: SL 1966, ch 111, ch 24, §1 (2) (b).
Structure South Dakota Codified Laws
Chapter 16 - Group Life Insurance Policies
Section 58-16-1 - Forms of group life insurance permitted.
Section 58-16-2 - Employee group insurance permitted--Beneficiaries.
Section 58-16-3 - Employees eligible for group insurance.
Section 58-16-4 - Supplemental life coverage.
Section 58-16-6 - Employee group insurance--Payment of premium.
Section 58-16-7 - Labor union group insurance permitted.
Section 58-16-8 - Labor union groups--Members of union eligible.
Section 58-16-9 - Labor union groups--Amounts based upon plan precluding individual selection.
Section 58-16-10 - Labor union groups--Minimum number of members required.
Section 58-16-11 - Labor union group--Payment of premium.
Section 58-16-12 - Industry fund groups--Insurance of employees or members of unions.
Section 58-16-12.1 - Classes of industry permitted to form groups.
Section 58-16-13 - Industry fund groups--Issuance to commercial correspondent prohibited, exception.
Section 58-16-14 - Industry fund groups--Persons eligible for insurance.
Section 58-16-16 - Industry fund groups--Minimum number of persons required to be insured.
Section 58-16-17 - Industry fund groups--Payment of premium.
Section 58-16-18 - Insurance of employees or members of group against death of dependents.
Section 58-16-19 - Payment of premium on extended group coverage.
Section 58-16-23 - Issuance of group life policy to creditor--Purpose.
Section 58-16-26 - Payment of premium for group coverage of debtors.
Section 58-16-27 - Amount of insurance on life of debtor limited.
Section 58-16-29 - Payment to policyholder as reduction of indebtedness.
Section 58-16-30 - Association groups--Insurance of members--Minimum number of members required.
Section 58-16-31 - Standard provisions required for group life insurance policies, exceptions.
Section 58-16-33 - Misstatement of age of insured--Equitable adjustments of premiums or benefits.
Section 58-16-34 - Evidence of individual insurability--Right of insurer to require.
Section 58-16-35 - Incontestability provision required--Exceptions.
Section 58-16-36 - Grace period required.
Section 58-16-37 - Required statement of benefits furnished to insured debtors.
Section 58-16-38 - Certificate to be delivered to insured.
Section 58-16-38.1 - Assignment of policy not prohibited--Rights vested in assignee.
Section 58-16-43 - Chapter inapplicable to prior policies.
Section 58-16-44 - Insurers to pay interest on life insurance proceeds.
Section 58-16-45 - Computation of interest.
Section 58-16-47 - Notice to beneficiary of interest.
Section 58-16-48 - Application limited.
Section 58-16-49 - Carrier and group-type basis defined.
Section 58-16-50 - Application of §§ 58-16-49 to 58-16-54.
Section 58-16-51 - Discontinuance of group life insurance policies.
Section 58-16-52 - Notice of discontinuance.
Section 58-16-53 - Extension of benefits at discontinuance in the event of total disability.
Section 58-16-54 - Responsibilities of prior carrier and succeeding carrier upon discontinuance.